Why Bitcoin Open Interest Has Seen Its Largest Decline in Almost 3 Years

In brief

• Bitcoin open interest has dropped 55% from its $94B all-time high, now sitting at roughly $44B
• The asset briefly bounced above $70,000 after a cooler-than-expected January CPI print, but was rejected at that level
• Analysts see cautious optimism emerging, with some suggesting patient dollar-cost averaging at current levels as a viable play